Image courtesy of Thomas Hawk
Over the last few decades, people have been touting the fall of the 1 job lifer. In other words, it’s no longer the norm to see someone start a career with a company and then retire 40 years later with that same company. Technology and outsourcing have helped bring this new way of hiring and firing to its present situation.
But I think this thought is now incomplete because we are moving ever closer to an online world that functions in a way never seen before. Our middle class is being forced to find new ways of making their livings and those not willing/able to adapt, are dropping below that invisible monetary mark. This is what I like to refer to as the new middle class.
Income Diversification
Over the last couple of years as an independent computer consultant, I’ve had the privilege of witnessing first hand these 21st century changes. I worked with numerous individuals and businesses and witnessed a fairly drastic trend toward multiple income streams. As the economy began to grow weaker, I saw this trend grow at a much faster pace. No longer could a family support their financial needs with a ‘career’; it was now time to pull from multiple endeavors at the same time.
I’d see pastors who were also real estate agents and agents who were web designers and web designers who sold goods on eBay. I could share examples all day long, but the point is that it was becoming more common place for our needs to require more than one job could offer.
This, of course, is not true for every person or career. There are those who do very well on their one salary. But even these workers often can’t help testing the waters of this more diverse income flow. The 21st century has ushered in both uncertainty as well as previously unfathomable opportunity. We have more at our fingertips than ever before, but the weight of financial burden has managed to increase none the less.
As the economy recovers and we start to feel like we can breathe again, we will certainly regain some flexibility. But don’t think this will change anything. I actually believe the opposite will be true. By the time we feel we have our heads above water, the Internet will have only grown in an enticing way. The individual will start to see the flexibility and freedom that goes along with this newly constructed career type. The ability to make money online and through limitless Internet communication will give us an independence that few will want to ignore. And so, with some initial reluctance, our society will begin to put their eggs in many baskets and we will start to see the word career take on a whole new meaning.
Community Insight
This series is one of my favorites on “Motivate Thyself” because it encourages real insight from the many intelligent readers of this blog.
What are your thoughts on all of this? Is a diversified income the way of our present and future? Are you experiencing this first hand? Is this just a result of the economy? Or am I just full of it and in need of a nap? 
Let us know your thoughts.
Hi Eric – This reminds me of how in our business we have used diversification over the years (and still do). I think whether we’re self employed or working for the man, it’s wise to look at alternative sources of income. With the sluggish economy, no job or profession appears to be secure. This is a great reminder to look for other options.
Sorry, no nap for you. Keep writing!
Barbara Swafford’s last blog post..Stick – Stickier – Stuck, How To Overcome Writer’s Block
This is interesting, Eric. I hadn’t actually sat down to think about the situation locally until I read your post.
I am reminded of a very peculiar moment a month ago in the teachers’ lounge at my [then] job. After some talking, we came to the astonishing conclusion that all of us present owned a business on the side.
But here is where the similarities stop. We were all passive owners, or planning to take that step. The concept of multiple streams of income here is more something for the would-be nouveaux riches; those of us who want to flourish, not to make ends meet.
But, our culture and situation is different. With the recession, the US is just now catching up to the unemployment rates we had before the economy took a nose-dive and it takes a while for the waves to spread, so while our unemployment has really gone up we are only recently seeing unstable businesses actually going under. And the sense of impeding doom I saw when I visited the US in September simply never occurs in this culture, because people trust our vast social safety net.
Emma’s last blog post..A marriage without television
I totally agree, Eric. We’re definitely knee deep in some kind of sea change. I would say that it’s more of a shift in the working class then a middle class. Working is different; opportunities have never been more abundant. The physical economy is shrinking, but it’s no longer the only one we have.
Writer Dad’s last blog post..Bunny!
I’m a perfect example of someone who has held multiple jobs with different companies over the past 15 years. Now, as I emmerse myself in blogging and online culture I see new opportunities in front of me. The blessing of this is these new opportunities are much closer to my heart than any of the jobs I have had over the past 15 years.
Neil’s last blog post..9 More 2009 Predictions
Cool topic Eric. I tink this is more a function of technology and society than class or income.
Those coming into the work force these days are used to being connected to the world and all that’s available in it. With a whole world of opportunities in front of you, it’s hard to focus on just one thing.
Also, the new generations of workers, myself included, grew up in a time where the mantra was “you can become anything you want to be”, instead of the old “you should pick something and stick with it”. This leads to a generation of dreamers who don’t want to settle for anything but the best in life.
I think this is temporary though. Eventualy, once multiple careers and incomes is the norm, people will look on a focused “life-long” career as an exotic antique and the few that choose to explore it will turn out to earn much more than the multi-jobbers.
Thanks for getting me thinking on a friday morning!
Your Friendly Neighborhood Computer Guy’s last blog post..The Computer Guy Identity Crisis: Choosing A Job Title
The town I live near almost crumbled financially when the steel mill shut down many years back. It forced families to find income from newly created small businesses, often out of a home, such as day care, tool sharpening, selling eggs, small engine repair, door-to-door sales, and outdoor guide work. I see this kind of shift happening as people flock online to create income streams in much the same way.
SpaceAgeSage — Lori’s last blog post..Are you just a skipping stone?
@Barbara: You’re right in saying that no job is secure. This, combined with great opportunities for multi-streamed income have pushed us in this direction.
@Emma: I know, isn’t it interesting how we quickly realize the different hats we all wear?
There is definitely a lag between the financial atmosphere and the actual situation.
@Sean: Working class, middle class, what ever.
@Neil: That’s the thing. As you pointed out, our online opportunities are often more inline with what we REALLY want to do with our time/lives/careers. I think this is all great stuff. Now it’s just a matter of making the right decisions so you can reap the benefits of these opportunities. Sometimes, easier said than done. But this goes for ANYTHING that’s worth pursuing.
@Matt: Interesting. So you feel that in the future it will be those who pursue on job/opportunity that will reap the most reward? Very possible.
@Lori: There’s no doubt that many are flocking online. We’ll just have to wait and see if those ‘many’ can make a profitable journey.
Hi Eric
I think in South Africa it is still very much: one-income-stream. Although there has definitely been a move from a one-job for life thinking.
I think there is still far to go in terms of online options. Just looking at my blog readership, the majority are from other countries.
I also think South Africans are less inclined to purchase online. Having said that, internet connection here is very expensive compared to other countries and not as fast either.
I love the new and variety, so various income streams and projects excite me. For others I can imagine that chopping and changing and too much on the go at once could be disturbing.
Thanks for an interesting post.
Cheers
Juliet
LifeMadeGreat | Juliet’s last blog post..What Are You Thirsting For?
Hi Eric,
There are some great ideas here and I look forward to the series. I think it is the perfect topic for the economic times we see ourselves in. Here is a good post by Tim Ferriss that I think is related to this topic.
http://www.fourhourworkweek.com/blog/2007/09/14/the-top-5-reasons-to-be-a-jack-of-all-trades/
Cheers,
Jeremy
Jeremy Day’s last blog post..My Sense of Entitlement
@Juliet: I do agree that personality plays a big part, but I also thing that time and technology will push the masses in that direction none the less. Just look at email and the elderly. How many of our grandparents said they would never use any kind of mail that didn’t include a stamp? And yet now they couldn’t live without their email. Just a thought.
I’m glad you enjoyed the post!
@Jeremy: Hey, Jeremy, I just read Tim’s post. Thanks for the link. I admit that he and his book came to mind as I wrote this post. Eric.
Eric
And no, you’re not just full of it unless you mean caring, compassion and intelligence.
Naps are always good
I’m one of those job and career changers. I’m in my third career and working toward the fourth. In my current career, I have had positions in 5 different companies over a 12 year span. In contrast, my husband just visited his friend who retired from the same company after almost 30 years. There still are people out there in my generation who followed this model. I just chose not to – I have too much wanderlust.
Although I do well on my one salary, I’m working on generating multiple streams. It’s not so much that I want more money – I want more time and freedom to work when and where I want.
kathy’s last blog post..Simple Supper Saturday – Spinach and Artichoke Pita Pizza
Hey Eric,
I totally agree that we should always have multiple streams of income to help us feel more secure. Gone were the days where the company you are working at will take care of you by giving you a big retirement package when you retire. By having multiple streams of income, we are protecting ourselves from situations such as retrenchment and it definitely help when we have more money to spend too
Cheers
Vincent
Personal Development Blogger
Vincent’s last blog post..How To Be Lucky Using 10 Simple Steps
Ever since reading Robert Kiyosaki’s Rich Dad, Poor Dad and Robert Allen’s Multiple Streams of Income, I’ve been slowly working my way to this point. Today I’m a full-time ad executive, pizza delivery guy, vending company owner, and blogger. My hope is to faze out of the ad executive and pizza delivery in the next year or so. On top of this, my kids are becoming entrepreneurs as my 12 year old son is teaching himself graphic design and starting his own design company this next month. Daughters (10 and 7) created a pretty unique gift while knitting gifts for their friends and we plan on researching the business possibilities for them as well.
PizzaForADream.com’s last blog post..Please Tip Your Pizza Delivery Driver, They’re Unsung HEROES of the Pizza Industry
@Kathy: Time and freedom is what it’s all about. I think money can be good with either direction, but not only does multiple streams give a little more stability, but a flexibility that a single job just cannot give you.
@Vincent: It sounds like you get EXACTLY what I’m talking about.
@PizzaForADream.com: That’s so cool to hear about your kids as young entrepreneurs! And I hope you’re able to make the future adjustments your working toward. It sounds like you’ve got a plan and that’s half the battle right there. Eric